Minister: budget overspending to be kept within limits

11:14 | 07/11/2017 Economy

The Government will keep State budget overspending not to exceed 3.5% of GDP and less than VND178 trillion (US$7.8 billion) as set by the National Assembly (NA), said Finance Minister Dinh Tien Dung.

Deputy Prime Minister Trinh Dinh Dung speaks at the session - Photo: VNA

At the fourth sitting of the 14th NA on November 1, he said budget overspending has been curbed for the first time over the past decade, adding that the Government plans to adjust its proposal of budget overspending of 3.7% of GDP in 2018 to 3.6% and at 3.4% in 2020.

The move is hoped to maintain public debt ratio at 63.9% of GDP, which is within the legislature’s limit, he said.

Minister Dung said domestic budget collection has expanded by 83.3% and the number is projected to climb to 85% in 2020.

The Government is calling on ministries, agencies and localities to practice thrift, the minister stressed.

Minister Dung reported that as of September 30, 2017, tax debts totalled VND73.9 trillion (US$3.25 billion), of which more than VND27.6 trillion (US$1.2 billion) or 37.4% of the amount was recoverable.